South Korean legal investigators have attacked the headquarters of the Bithumb digital currency marketplace, following accusations that its previous chief executive officer misapplied corporate Canary Capital Requests ETF, PENGU Value Increases for property dealings.
According to the local media source YTN, the Seoul Southern District Attorney’s Office aimed at Bithumb’s main office in the Gangnam area as a component of a checking into alleged monetary wrongdoings. The investigation concentrates on assertions that Bithumb might have directed finances to its previous CEO, Kim Dae-sik, presently a counselor to the firm, to assist the buying of luxurious homes in the fashionable Seongsu-dong vicinity.
Sources acquainted with the examination informed YTN that Bithumb supposedly furnished Kim with an astonishing 30 billion won (about $20.4 million USD) as a down payment for the flats, which might have been utilized to obtain individual property. As of press time, the attorney’s office has not delivered a formal declaration concerning the particulars of the attack, as the examination stays in its initial phases. It stays uncertain whether Kim or other Bithumb leaders will confront accusations.
This advancement comes as Bithumb had been looking at a potential initial public offering on the NASDAQ stock trade in the United States, with an objective posting date in the last 50% of 2025. The firm supposedly affirmed these plans at an investor gathering, uncovering that it was effectively working together with Samsung Securities to work with the IPO procedure.
